Terra Founder Do Kwon’s Extradition to South Korea More Likley: WSJ

South Korean prosecutors on Friday said Terra founder Do Kwon who is facing trials in Montenegro should be extradited to South Korea. Prosecutors have been investigating and collecting pieces of evidence related to the Terra-LUNA crisis for longer periods than the U.S. and are in the best position to bring justice to victims that lost almost $40 billion.

Terra Founder Do Kwon Extradition to South Korea

Dan Sung-han, director at the Seoul Southern District Prosecutor’s Office, says Terra co-founder Do Kwon should be extradited to South Korea rather than the US, reported Wall Street Journal on May 5. He believes most of the evidence and Terra affiliates are in South Korea and prosecutors are best prepared for court proceedings.

South Korean prosecutor acknowledges that the Terra-LUNA crisis helped advance discussions on the need for tighter regulation of the crypto industry.

South Korea and the United States are currently seeking the extradition of Do Kwon from Montenegro. He was detained in March by authorities and indicted for using fake passports and documents to board a flight to Dubai.

On March 29, Montenegro’s Minister of Justice Marko Kovac stated the extradition decision will be taken in a separate court proceeding after the passport forgery case. Moreover, extradition depends on several factors, including the severity of crimes, location of committed offenses, sequence of requests, and nationality.

South Korean prosecutors also tried getting an arrest warrant against co-founder Daniel Shin for the second time. However, the court rejected prosecutors’ request for an arrest warrant, citing no risk of flight or destroying evidence.

Prosecutor’s Office indicted Terra co-founder Daniel Shin and seven others without detention for multiple charges including fraud, breach of duty, and embezzlement. South Korean prosecutors are tracking Terra transactions and revealed that Do Kwon still has Bitcoin worth millions in a Swiss bank.

Also Read: US House Expedites Hearings On Crypto Regulations and Banking Failures

Terra (LUNA) and Terra Classic (LUNC) Price Fall

Terra (LUNA) and Terra Classic (LUNC) prices are in downfall since the arrest of Do Kwon. On March 23, LUNA and LUNC prices crashed by 8% and 4%, respectively.

In the last 24 hours, LUNA price fell 1% to $1.21 and LUNC price tumbled 2% to $0.000103. The trading volume continues to be lower, but the projects are seeking a revival through its experienced developer teams.

Also Read: Terra Classic Core Developers L1TF, Edward Kim Completes Upgrade For Parity and AI

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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